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Top 4 Financial Tips For Expats Living In Singapore

Posted By Administration, Tuesday, 29 August 2017

Singapore’s workforce is an interesting amalgamation of various nationalities including expatriates from across the world. With over 7,000 MNCs operating out of Singapore, the expat population enjoys strong career prospects and favourable earnings. A HSBC survey in 2016 cited that expats in Singapore earned US$139,000 on an average, significantly higher than the global average of US$97,000. Here are some financial tips that can be crucial for expats.

1. HDB Flats Vs Private Property?
Expats can economise by opting for public housing instead of a private property. Renting an HDB flat close to the Central Business District would usually cost you on average S$2,500 per month. Whereas rent for a two-bedroom condominium starts from S$4,000 per month.

2. Be Smart With Your Lease
Make sure that you go through your lease agreement properly before renting an apartment. Also, prior to renting, do take note if the lease agreement includes utility bills and internet charges. Usually, landlords do not include utilities and internet charges in the rental fee. It would be wise to set aside around S$300 - S$500 for these expenses every month.

3. Say Yes To Public Transport
The three popular modes of public transport in Singapore are the Mass Rapid Transit (MRT), buses and taxis. Buses or MRTs suit daily commuters well as the cost starts from S$1 per trip. Taxi fares start around S$3.50. Another alternative is renting a car at around S$300-S$800 per week, depending on the model of the car. Owning a car is not advisable due to hefty government taxes.

4. Banking And Money Transfers
Opening a bank account as a resident is mandatory for expats to manage their expenses, bills and international money transfers. As cash withdrawals with a foreign debit card from a Singapore ATM can be expensive, it is advised to avoid this practice.

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Get a bonus S$10* with promo code EXPAT10 on your first transaction. You could also earn an additional S$20 for referring a friend!

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*Terms and conditions apply.

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Tags:  expat  finance  singapore 

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